Built-Tight is preparing its master budget. Budgeted sales and cash payments follow:. Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead Sales Cash receipts from: July $ 59,500 Total cash receipts 17,060 4,940 21,100 August $ 75,500 $ 14,340 4,260 17,700 Sales to customers are 30% cash and 70% on credit. Sales in June were $62,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $33,000 in cash and $5,900 in loans payable. A minimum cash balance of $33,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $33,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $33,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,900 per month), and rent ($7,400 per month). September $ 52,500 1. Prepare a schedule of cash receipts for the months of July, August, and September. 14,660 4,340 18,100 BUILT-TIGHT Schedule of Cash Receipts from Sales July September August 59,500 $ 75,500 $ 52,500

(1) Required information \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Cash Budget } \\ \hline & July & August & September \\ \hline \multicolumn{4}{|l|}{ Beginning cash balance } \\ \hline & & & \\ \hline \multicolumn{4}{|l|}{ Total cash available } \\ \hline \multicolumn{4}{|l|}{ Less: Cash payments for } \\ \hline & & & \\ \hline \\ \hline \\ \hline \multicolumn{4}{|c|}{4} \\ \hline 42 & & & \\ \hline \\ \hline & & & \\ \hline \multirow{2}{*}{\multicolumn{4}{|c|}{\begin{tabular}{l} Total cash payments \\ Preliminary cash balance \end{tabular}}} \\ \hline & & & \\ \hline \multicolumn{4}{|l|}{ Loan activity } \\ \hline \multicolumn{4}{|l|}{ Additional loan } \\ \hline \multicolumn{4}{|l|}{ Repayment of loan to bank } \\ \hline Ending cash balance & 0 & 0 & 0 \\ \hline \end{tabular} Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Sales to customers are 30% cash and 70% on credit. Sales in June were $62,500. All credit sales are collected in the month following the sale. The June 30 balance sheet indudes balances of $33,000 in cash and $5,900 in loans payable. A minimum cash balance of $33,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $33,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $33,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions ( 10% of sales), office salaries (\$4,900 per month), and rent ( $7,400 per month) 1. Prepare a schedule of cash receipts for the months of July, August, and September